S&P downgrades inVentiv after Q1 results miss expectations

In April S&P gave inVentiv a ‘fair’ business risk profile but readjusted this down to ‘weak’ in the wake of disappointing first quarter results. Cash flow was below expectations and S&P fears synergies from the acquisitions of i3, PharmaNet, and other businesses are at least another year away.

“First-quarter results were weaker than expected, even after accounting for a previously announced project delay that hurt the Clinical segment. This leads us to believe inVentiv will increase business and expand margins at a significantly slower pace than previously expected”, S&P wrote.

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